For the purposes of the Uniform Voidable Transactions Act:

A. a transfer is made:

(1) with respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good-faith purchaser of the asset from the debtor against which applicable law permits the transfer to be perfected cannot acquire an interest in the asset that is superior to the interest of the transferee; and

(2) with respect to an asset that is not real property or that is a fixture, when the transfer is so far perfected that a creditor on a simple contract cannot acquire a judicial lien otherwise than under the Uniform Voidable Transactions Act that is superior to the interests of the transferee;

B. if applicable law permits the transfer to be perfected as provided in Subsection A of this section and the transfer is not so perfected before the commencement of an action for relief under the Uniform Voidable Transactions Act, the transfer is deemed made immediately before the commencement of the action;

C. if applicable law does not permit the transfer to be perfected as provided in Subsection A of this section, the transfer is made when it becomes effective between the debtor and the transferee;

D. a transfer is not made until the debtor has acquired rights in the asset transferred; and

E. an obligation is incurred:

(1) if oral, when it becomes effective between the parties; or

(2) if evidenced by a record, when the record signed by the obligor is delivered to or for the benefit of the obligee.

History: Laws 1989, ch. 382, § 7; 2015, ch. 54, § 15.

The 2015 amendment, effective January 1, 2016, substituted "Uniform Voidable Transactions Act" for references to the former Uniform Fraudulent Transfer Act; after "Uniform", deleted "Fraudulent Transfer" and added "Voidable Transactions" throughout the section; in Subsection A, Paragraph (1), after "against", deleted "whom" and added "which"; and in Subsection E, Paragraph (2), after "evidenced by a", deleted "writing" and added "record", and after "when the", deleted "writing executed" and added "record signed".

Ownership of asset. — Given the debtors' failure to segregate the trailer park from their assets at any material time or to trace the money that allegedly funded a trust for their children, there was no factual basis on which the court could conclude that a trust should be imposed; the debtors acquired equitable title to the trailer park at the time of purchase and it was their "asset" at the time of any purported transfer. Mazer v. Jones, 184 Bankr. 377 (Bankr. D.N.M. 1995).

Despite a prior unrecorded assignment to which the sellers orally consented, the debtors owned the trailer park when the quitclaim deed was recorded, and its recording was the first "transfer" of the debtors' interest for purposes of this article. Mazer v. Jones, 184 Bankr. 377 (Bankr. D.N.M. 1995).